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QOTD

If you were to win 20 million in the lottery, would you take the lump sum (which would be about 12 million after taxes) or take the payouts over 20 years?  What would you do with all that money?
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Re: QOTD

  • edited December 2011
    I was actually talking about that with someone the other day...Tongue out

    I think I personally would get the payout for 20 yrs...since it seems financially smarter but then I again I could be wrong lol Undecided

    We'd definitely get our dream home some where around the Beach...sigh...then we'd get rid of our old cars Wink I'm sure DH would get a BMV as for myself just anything better than what I got would be nice lol  Also traveling would be a TOTAL MUST...Europe, Asia, Fiji, South America and Central America...the world is filled with places to visit and I would totally up for it!!!

    I'd DEFINITELY still would work since when you think about it 20 yrs would take me @ least to my late 40's and so you'd splurge BUT still have to SAVE $$$ since I'd still have have 15 + yrs before retiring.

    oh the possibilities with $$$$!!!

  • nikojammnikojamm member
    100 Comments
    edited December 2011
    It would be great to win that today since it's my bday.  First I would pay back MIL for wedding and our house, then pay off my student loans, we would then give some to family members, then comes the fun stuff... another house (keeping the current one as a rental), cars, trips, shopping sprees.  We would invest some and save some.

    Yes, we have thought about this a lot! 

    Oh & we would take it in a lump sum (tax reasons).
  • edited December 2011
    I would take one lump sum and let it sit in the bank until I needed it.  It will end up paying out more, and I know I have the discipline to hold on to a big chunk of it.
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  • DodgersBrideDodgersBride member
    1000 Comments
    edited December 2011
    I would take the lump sum. I think if you take the annual payments it can only be paid out to the winner and should you die no gets the money.
     
    I would pay off what we owe on the house and FI's car.I would also purchase a new home. I would stop working and go to school and FI would probably keep working since he is doing what he's always wanted to do. I would also set up accounts for future children and my nephews.
  • Vans18Vans18 member
    Knottie Warrior 1000 Comments Combo Breaker
    edited December 2011
    I would also take the lump sum...12 million is still a whole lot that I sure didnt have or count on! So give me that money!!
  • edited December 2011
    Probably lump sum. It depends on the amount, but with 20 million, I think lump.

    i'd pay off all our student loans.
    Buy new cars.
    Buy a house (something relatively affordable on our current income, though, so we could afford the taxes without the award money, just not have a mortgage).
    Possibly buy a vacation condo.
    Pay off my parents' mortgages.
    Start a home-based business.
    Invest most of the rest for our retirement and our kids' educations.
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